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Ottawa, Canada-based Cognos said the $17.87-a-share offer equates to $306 million net of Applix cash on hand. Cognos expects the deal to close in the fourth quarter.

Cognos said the transaction would “further extend its position as a leading independent provider of financial performance management.” CEO Rob Ashe added that Cognos would get “an innovative, 64-bit, in-memory analytics capability” through the acquisition. “It will also bring into the company a very strong employee and customer base that has been committed to performance management through high-impact analytics,” he said.

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Applix president and CEO David Mahoney said: “Our customers, partners, and employees will become an important part of Cognos, which will allow the company to further enhance its position as a leader in the analytics market.” The Applix TM1 multidimensional online analytical processing (OLAP) server and other products add to a Cognos line that includes Cognos 8 Planning, Cognos 8 Controller, and Cognos 8 Business Intelligence software. Working with the OLAP analytical engine will allow Cognos “to boost its software’s ability to analyze and optimize complex financial performance data,” a Cognos spokesman told CFO.com.

Applix had revenue of $61.2 million for the trailing 12 months, the companies said, and showed year-to-year revenue growth of 45%. It has more than 3,000 customers worldwide.